Just a year ago, government employees and MPs were discussing how it would be built and whether it was a wise financial choice.
As the decision to axe it makes headlines, you might find yourself wondering what the national flagship yacht project was and why it was terminated.
Here is everything we know.
What was Boris Johnson's national flagship?
During his premiership, Boris Johnson had announced a £250 million scheme that would create a successor to the Royal Yacht Britannia, a vessel that was retired in 1997.
This national flagship yacht was meant to promote the UK abroad by hosting trade fairs and diplomatic events.
The vessel hadn’t been given a name yet, but it was set to be built in the UK and enter service in 2024 or 2025.
Estimations said that running the yacht would require 50 to 60 personnel and £20-30 million a year.
Why was it terminated?
Defence Secretary Ben Wallace told MPs that while the national flagship plans had been axed, the government was “accelerating” the development of research and surveillance ships.
This comes a year after Mr Wallace promised the national flagship yacht would be a “jewel in the crown” at a promotion event for the project.
At the time, he had said: “Our ambition is for something special, not just a cutting-edge ship, but a truly national flagship,
“I want the grandparents of the future, to boast to their grandchildren and say one day ‘I helped to build that ship!’” he had added.